Category: Financial

CategoriesActionFinancialThink About It

Credit Card Debt

Posted on September 6, 2023

Ideally you will never pay more than 4% per year on any credit card debt.

This means you pay it off in full, and on time, every month. Or you have done a Balance Transfer or Money Transfer deal. This usually means you’re paying 0% interest for 9, 15 or even 36 months! And the fee they charge for this is often 2.9%, which is incredibly low, especially when spread across 3 years!

If you currently pay more than £25 per month in interest payments on any one card, or combined across several cards, you can save that money if you learn a few key concepts.

Let me know if you would like any help.

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CategoriesActionFinancialObserveReframe your thoughts

Know Where Your Money Flows

Posted on August 25, 2023

You should have a plan for every penny. That would be ideal. Get as close as you can to this idea. Direct 10% to your savings and investments pot. Get it out of your account with an automatic payment, as soon as your income goes in.

If you have any money left over at the end of the month, pay down your personal debt more aggressively.

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CategoriesActionFinancialGratitudeObserveThink About It

Big Purchases

Posted on July 3, 2023

A house, a car, long haul flights and an all-inclusive or five star hotel stay can be some of the biggest purchases you’ll make in life.

Note how you feel when you consider the 5, 6 or 7 figure sum for the first time. How does that change once you’ve decided to take the leap and pay the bill? And once it’s been paid? It’s an interesting mental transition.

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CategoriesActionFinancialObserveReframe your thoughtsTime

Get Rich Quick Versus Easy

Posted on June 29, 2023

You can get rich quick but it’s unlikely to be easy. First define what quick means. In an 80 year life, I’d say quick would be 5 years, though you could stretch it to 10.

You also have to define what rich is. So let’s say USD2.0 million. That’s a reasonable sum. If you put that in a dividend stock like IBM and received 5% per year plus some capital gain, you’d have USD100,000 per year income and a growing capital base. This would be more than 3x the average salary of a US worker and they’d never have to lift a finger for it for the rest of their life. For the average person, that would be life-changing and feel rather rich.

Can it be done? Of course it can. You can achieve anything. It is rare but happens 1,000’s of times per year.

Example can be found in tech startups, sports, entertainment, music, finance, sales and small companies. In 5 years, a person can go from 17 and obscure to 22 and minted. It won’t have been easy but it was very quick. Now go make it happen!

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CategoriesActionFinancialHealth & FitnessProgressReframe your thoughtsTimeWeight

Percent Now V Later

Posted on June 22, 2023

Have you ever had these thoughts? Should I party now and hope things get better or should I spend a little time preparing for my future life? The tough part is deciding what the optimal balance is for this constant, once-in-a-lifetime consideration. Should I spend and enjoy today or save now and spend later? The ratio adjusts at every moment, consciously or not. Now is the time to make better, conscious decisions.

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CategoriesFinancialObserveReframe your thoughts

No Solutions. Only Tradeoffs.

Posted on June 7, 2023

I happened upon a video today that reminded me of this point made by Thomas Sowell, and possibly others too. Everything in life seems to be about tradeoffs. Certainly everything to do with money. We like to think there are absolute solutions but really they are just more, or less, palatable tradeoffs.

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CategoriesFinancialGratitudeHealth & FitnessObserveReframe your thoughts

You’re Worth It

Posted on May 18, 2023

This is very important to remind yourself of daily. It will also help you live up to a higher standard. By using the powerful “I am” statements, such as “I am worth it and I am deserving of wealth and abundance”, your confidence and coincidences will grow. Try it daily for 30 consecutive days.

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CategoriesActionFinancialGratitudeReframe your thoughts

Donate Your Income

Posted on April 24, 2023

When you buy something, you are donating your money to a company, its employees and its owners. Although you get something in return, that presumably you must have, your money gets transferred to the stakeholders. Make sure you are happy with that donation.

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